The European Parliament's economic committee voted to scale back a proposal that would have required all companies to rotate credit agencies every three years.

Instead, lawmakers say they will only require structured debt products to re-rate every five years. Companies that use two or more ratings agencies will receive a partial exemption.

The proposal was meant to blunt overly positive credit ratings that many EU officials say fueled the crisis. Parliament is now roughly in line with the position national governments take regarding ratings.